NEW YORK: For the first time in at least 3½ years, BlackRock Inc has seen clients withdraw more cash from its environmental, social and governance (ESG) funds in Europe than they allocated amid an apparent retreat from passive strategies, according to a fresh analysis by Morningstar Direct.
Investors with the world’s largest asset manager pulled US$2.2bil, net, from European-domiciled sustainable open-ended and exchange-traded funds, according to third-quarter data compiled for Bloomberg by Morningstar.
